economy and the markets again. do you see that? >> you know, we're not experts at forecasting overall market movements. we're looking for individual positions. there are a few needles in the haystack today but more needles in the haystack. >> you're waiting for a pullback. you just missed this move. >> meantime, very interesting opportunity on the private said. >> talking the private said, limited equity group. my partner and i spent 20 years at kkr and that was a great business. there are out there and growing and what we do is invest behind good management stakes. >> that's stuff that's not publicly traded? >> that's right. >> so do you have advice for viewers without that option? >> i think. sure. in the public markets we take a long-term view and do deep fundamental analysis and we wait, and it's okay to be in cash while you're waiting for a good opportunity that may come along. >> you're not worried about new regulations, you for example some of the taxation industries that are plaguing some industries right now. all the headw